Australia’s rich are still rich but the income gap with the poor has eased a little, according to analysis by the OECD.
The rise in inequality came to a halt just before the GFC. Between 2007 and 2011, the income of the bottom 10% increased by 2% while incomes at the top declined by 1%.
This pattern is very different from most OECD countries, where the bottom 10% worsened during the same time.
Here’s how Australia compares to the rest of the world:
However, income inequality in Australia is still similar to the average among other developed countries.
In Australia, the top 10% own 45% of wealth compared to half of all wealth on average across the OECD.
The OECD says increased women’s employment and a lower pay gap between men and women in Australia contributed to countering the increase in income inequality.
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